Of course, I am talking about 12/31! Can you believe we are already 46 days into 2017? Were you ready? With the new year, we are promised trials and tribulations. Some we have prepared and planned for, others are unscheduled and unpredictable. Many will be accepted and enjoyed, while those we want to leave swiftly, seem to linger. Are you able to control some of the negative, time consuming events, the ones that make you say, ‘I am never going to do this again’? Well, yes, you can!
Here are 5 simple tips and tricks to create time-efficient and cost-effective procedures that will help you stay on top of 2017 using those forms and documents you already use.
- 1099-Have you heard this term in the last few weeks? Did you scramble to have all the details you needed for preparing these forms? Don’t repeat that action. BEFORE you hand any eligible contractor or vendor a payment, you first hand them a W9 form. Not sure who is eligible? Ask the experts you rely on. Set a calendar reminder twice a year to review this information
- W2-Do you handle your payroll in-house or offsite? Do you know the requirement of W2 details? If you are compensating your employee beyond their salary/wages, outside of the payroll system, ask the Experts, you may be handling this incorrectly. (If you do not have a payroll expert doing your payroll, you should. Call me to discuss.)
- Do you know your tax bracket? Meeting with your advisor during the year, will allow you to make the best decisions for your financial goals. Knowing where you were, where you are and where you want to go is powerful. Set reminders on your calendar for May and September to reach out and get an appointment set for that meeting. You won’t regret being proactive, ever.
- Contracts with Customers- Do you need to review the binding contract that directs and controls your Accounts Receivable? Set an appointment to review those important records. You should review all active client contracts, set an appointment to discuss accordingly, at a minimum, every 30% progress or time lapse mark. You could be losing money due to increased work that is not being billed. Ask your bookkeeping resource to review with you and help you determine job cost.
- Employee agreements- Have you reviewed the job descriptions of your employees? Are your employees performing tasks other than the job description has laid out? Maybe he/she is no longer eligible for benefits. These oversights can be unnecessarily costly. Contact your HR expert.
For more tips on time-saving and cost-saving ways to get ahead of the end-of-the-year-rush, follow me on Twitter, my blog and My Tips on my website. Or contact me today to get started!